Trump calls for one year cap on credit card interest rates at 10%

U.S. President Donald Trump said on Friday (January 9) he was calling for a one-year cap on credit card interest rates at 10% starting January 20 but he did not provide details on how he planned to make companies comply.

Trump also made the pledge during the campaign for the 2024 elections that he won.

There have been some legislative efforts in Congress to pursue such a proposal but they are yet to become law.

Democratic lawmakers have criticized Trump, a Republican, for not having delivered on that campaign pledge.

"Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%," Trump wrote on Truth Social, without providing more details.

"Please be informed that we will no longer let the American Public be 'ripped off' by Credit Card Companies," Trump added in the post, which he pinned to the top of his social media page.

The White House did not immediately respond to a request for comment on details of the call from Trump, but said on social media that the president was capping the rates.

Some major U.S. banks and credit card issuers like American Express, Capital One Financial Corp, JPMorgan, Citigroup and Bank of America did not immediately respond to a request for comment.

-Reuters